TurboTax FAQ
TurboTax FAQ
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What is Form 1099-R?

Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.—reports distributions you received of $10 or more from a retirement plan.

Common types of distributions on Form 1099-R include:

  • Normal Distribution: Money taken from your retirement account after age 59 1/2.
  • Early Distribution: Money received from a retirement account prior to age 59 1/2.
  • Required Minimum Distribution (RMD): Minimum amount you must withdraw when you turn 70 1/2.
  • Rollover: Money moved from your retirement savings plan into another account.
  • Conversion: Money moved from a traditional retirement plan to a Roth IRA.
  • Recharacterization: When you reverse (undo) a rollover or conversion to a Roth IRA.
  • Hardship Distribution: Money withdrawn for an immediate and heavy financial need.
  • Loan Treated as Distribution: Money you borrowed but didn’t pay back to your retirement account.

 

We'll use the information from your Form 1099-R and also your answers to a few questions to determine if your distribution is taxable and/or subject to any penalties.


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